We have not received a written response to our offer. Seller’s agent now says GMAC won’t even consider offers under asking.
1) I’ve read reports of GMAC approving short sales under asking. True?
2) How can she even initiate the short sale on Equator without a signed purchase agreement?
3) Shouldn’t we get an acceptance/counter/rejection from seller first?
4) shouldn’t GMAC properly counter through Equator?
5) Should my agent, as potential buyer, be informed of progress through Equator?
6) My agent says we should submit another offer at asking. Why would we increase our offer $ 20k based on hearsay?
7) All seems kind of sketchy to me. Advice?
Hi im looking at a buy to lease mortgage for a 2nd property.
I currently have two properties
1. I live in with normal repayment mortgage
2. I rent with no morgage to pay
3. I want to buy another but will my income to taken into account for my current mortgage ect…. are they easy to get?
any advice would be really appreciated
thanks
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Try getting foreclosure homes.
They´re quite cheap and easy to afford.
Only your lender can tell you if buying another property is within your financial means.
Depends on the lender and on the property and rental
A lot of lenders do not have to take your earnings into account, some do. Some will also take your earnings into account if other criteria are not met.
Usually they only need to take into account the rental value of the property, they then have a rule something like the Rental Value hase to be around 125% of the Mortgage payment, depending on lender.
So if your Mortgage payment is 100.00 a month the rent has to be at least 125.00 a month. If not they can then sometimes take into account other income.
The are only interested that the mortgage is going to get paid and they wont loose out. Also you will find the interest rate will be slightly higher on a BLT mortgage and you wont be able to borrorow as much. In other words a normal mortgage you may get 90% on a BLT it may only be 80%